3 Benefits of Implementing Grant Management Software
As most organizational research ideas and projects within higher education are funded by grants, it is essential that you act as a responsible steward of that money, whether provided by private donors or the federal government. It is imperative that you keep careful track of where funds are going and how they are being used on a daily basis. This means ensuring that the terms of a grant are met on time and on budget.
By utilizing the grant tracking functionality inside of Accruent’s FAMIS, your organization or university will benefit from reduced costs due to more efficient allocation planning, improved fund management for grants and better decision-making on complex reporting capabilities.
Here are three immediate benefits of implementing grant management software like FAMIS at your organization.
Each of your grants likely have numerous compliance regulations that you need to understand and adhere to, and as recipients, you will need to undergo periodic compliance reviews to assure requirements are being met. Some of these requirements include eligibility of reimbursed expenses, adherence to procurement requirements, financial management oversight and more. With grant tracking software, these requirements can be expertly handled through excellent and diligent business and accounting practices.
For grants that require extensive research, grant renewal is heavily dependent on your usage and accurate management of the money awarded. Therefore, it is imperative to keep precise track of how grants are being used. FAMIS grant tracking allows your organization to establish and maintain effective control over all private and federal award requirements.
Indirect Cost Recovery
Indirect costs—sometimes called overhead, facilities and administrative (F&A) costs, or shared expenses—are costs incurred in the externally sponsored research budget that are shared across many projects. Indirect costs inevitably benefit most grant-funded programs, with departments recouping costs that tend to be shared between different groups. By utilizing grant tracking, you can highlight that these costs benefit both the sponsored agreement and other works within the institution. Tracking this money between various departments, locations and people ensures that you are reimbursed for those costs appropriately.
Generate Data for Reporting
Grant management is often linked to audits—historically ominous and time-consuming processes. Grant funders typically have reporting requirements, including financial updates and progress checks. In order to comply with frequent requests, grant tracking provides the ability to track and report on how grants are allocated for spaces on campus. With this functionality, for example, you can see the exact square footage that a grant is using on campus and accurately report where those valuable research dollars are going without the overwhelming fear of failing an audit and therefore risking loss of funds.
Are you interested in managing your research funds more efficiently and effectively? FAMIS provides grant tracking software that can identify the exact dollar amount allocated per square foot and provides the ability to track how grants are allocated for spaces as well as generate valuable data, which can be used for reporting purposes or grant applications.